CFPB targets zombie foreclosures
Zombie homes are vacant properties caught in the midst of the foreclosure process, but which are not yet under the control of the servicer or noteholder. They are often created as a result of.
Summary of the CFPB foreclosure avoidance procedures Foreclosure avoidance In response to the poor experience of many distressed borrowers during the mortgage crisis, the CFPB is putting in place new procedures to facilitate borrowers’ access to foreclosure avoidance options. The new rules are designed to provide consistent and meaningful
The CFPB has been taking a hard-lined stance when enforcing RESPA, including sending the most serious offenders to jail. The CFPB also has authority to enforce TIL; to read that it is turning its attention to those lenders that engage in ‘zombie foreclosures’ is a good thing for consumers as well as for those who practice in the real estate industry.
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On Thursday January 22, 2015, the Consumer Financial Protection Bureau (CFPB) and the maryland attorney general ordered two banks to pay more the $37 million in fines for illegal payments for referrals under the guise of marketing and other agreements under the Real Estate Settlement Procedures Act (RESPA).
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The CFPB also said that it has joined a task force, led by several industries, to identify the hundreds of thousands of homes that have become zombie foreclosures. Zombie foreclosures usually. Story Continued Below At a press conference Thursday, CFPB director richard cordray announced the rule. Cordray said "Many people have had adverse.
NEW YORK (CBSNewYork) – Officials are warning the foreclosure crisis in the boroughs isn’t over and are taking aim at so-called “zombie properties.” Although many people might think the crisis is.
The Consumer Financial Protection Bureau is examining zombie foreclosures, which were revealed through a Reuters report in 2013. Zombie foreclosures occur when banks start the foreclosure process, sometimes even sending the homeowners a notice, before abandoning it and failing to alert homeowners (who have usually left) that they are still responsible for the home.
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